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KripZen

Bybit

Failure type
Hack
Date
February 2025
Reported loss
~$1.46B in ETH and staked ETH (publicly reported estimate)

What happened

On 21 February 2025 attackers moved roughly $1.46 billion of ether and staked ether out of a Bybit cold wallet by manipulating what signers saw in a Safe multisig interface, so legitimate keyholders approved a transfer that was not what it appeared to be. The FBI attributed the attack to North Korea's Lazarus Group.

What to take from it

No key was stolen — the approval screen lied. Cold storage and multisig only help when every signer can verify, independently of that screen, what they are actually authorising.

Dates and figures are widely reported public estimates from coverage at the time, not KripZen's own audited data.

Where it sits on the record

The documented exchange failures we track, in the order they happened.

  1. 2014Mt. Gox
  2. 2015Bitstamp
  3. 2016Bitfinex
  4. 2016The DAO
  5. 2017Parity Multisig Wallet Freeze
  6. 2018BitConnect
  7. 2018Coincheck
  8. 2019Binance
  9. 2019Bitfinex / Crypto Capital
  10. 2019QuadrigaCX
  11. 2020KuCoin
  12. 2022Celsius Network
  13. 2022Crypto.com
  14. 2022FTX
  15. 2022Ronin Bridge
  16. 2022Terra / LUNA
  17. 2022Three Arrows Capital
  18. 2022Wormhole
  19. 2023HTX (formerly Huobi)
  20. 2024DMM Bitcoin
  21. 2025Bybit (You are here)